Public Storage (NYSE:PSA) Price Target Raised to $321.00

Public Storage (NYSE:PSA) had its price target increased by Scotiabank from $319.00 to $321.00 in a research note released on Monday,Benzinga reports. They currently have a sector outperform rating on the real estate investment trust’s stock.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company lowered Public Storage from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $330.00 to $295.00 in a report on Thursday, February 5th. Wall Street Zen raised Public Storage from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Morgan Stanley began coverage on Public Storage in a research report on Friday, December 5th. They set an “equal weight” rating and a $290.00 price objective for the company. Evercore set a $302.00 price objective on Public Storage in a report on Tuesday, February 17th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $301.00 target price (down from $316.00) on shares of Public Storage in a research report on Thursday, December 18th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $306.53.

Public Storage Trading Down 0.1%

Shares of NYSE:PSA opened at $267.68 on Monday. Public Storage has a 52 week low of $256.54 and a 52 week high of $312.95. The company’s 50 day moving average is $291.36 and its two-hundred day moving average is $283.85. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 2.05. The company has a market cap of $46.98 billion, a PE ratio of 29.68, a P/E/G ratio of 5.41 and a beta of 0.99.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.5%. The ex-dividend date is Monday, March 16th. Public Storage’s dividend payout ratio is currently 133.04%.

Institutional Trading of Public Storage

Several institutional investors and hedge funds have recently made changes to their positions in PSA. Norges Bank purchased a new position in Public Storage during the 4th quarter worth approximately $1,163,751,000. Capital International Investors lifted its stake in Public Storage by 821.4% in the fourth quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust’s stock valued at $1,073,032,000 after buying an additional 3,686,211 shares during the last quarter. Vanguard Group Inc. lifted its stake in Public Storage by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust’s stock valued at $6,576,534,000 after buying an additional 2,274,397 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of Public Storage by 287.7% in the fourth quarter. First Trust Advisors LP now owns 721,588 shares of the real estate investment trust’s stock valued at $187,252,000 after acquiring an additional 535,465 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in shares of Public Storage by 498.7% in the second quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust’s stock valued at $166,970,000 after acquiring an additional 481,872 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.